Could you please help me with my Elasticity assignment? Thank you!

Elasticity Practice Be sure to show all work. 1. The price of Good A changes from $38 to $39 and the quantity demanded changes from 755 to 725 units. a. Using the midpoint formula, calculate the price elasticity of demand. Show your work. b. Is demand elastic, inelastic, unit elastic, perfectly elastic, or perfectly inelastic? c. How will total revenue be impacted by this price change? Explain 2. Draw a graph with two demand curves - one that is fairly elastic (labeled De) and one that is fairly inelastic (labeled D;). Draw a supply curve and label it S. Suppose this market sees an increase in the price of this good due to the imposition of a tax. Draw the new supply curve and label it S2. a. Which demand curve would create more deadweight loss in the market when supply shifts? b. How can elasticity be used to explain the difference in the size of deadweight loss? 3 . Because of increases in economic growth, consumers see an increase in their incomes of 10%. As a result, the demand for Good X increases by 8% and the demand for Good Y decreases by 2%. a. What is income elasticity coefficient for Good X? b. Is Good X an inferior good, normal necessity, or normal luxury? c. What is the income elasticity coefficient for Good Y? d. Is Good Y an inferior good, normal necessity, or normal luxury? 4. Suppose a $2.00 per unit tax is levied on tobacco products. The equilibrium price in the market for tobacco products increases from $5.25 to $6.75. The number of units of tobacco sold decreased from 20,000 to 18,000 per week.a. How much of the tax do consumers pay: b. How much of the tax do producers pay? c. What is the total tax revenue received by the government? d. Suppose the elasticity of demand for tobacco products decreased. Would you expect for the tax burden on the consumer to increase or decrease? Why? 5. When the price of Good A decreases by 8%, the demand for Good B decreases by 5% and the demand for Good C increases by 4%. a. What is the cross price elasticity of demand for Good B? b. What relationship exists between Good A and Good B? C. What is the cross price elasticity of demand for Good C? d. What relationship exists between Good A and Good C? 6. Answer the questions below using Price linear demand curve shown below for 20 Good X. Hint: Don't forget the importance of the marginal revenue curve. 6 = 28 40 a. At what quantity will demand be unitary elastic? b. Is total revenue increasing, decreasing, or maximized at that quantity? C. At a quantity of 28, is demand elastic, unit elastic, or inelastic? d. If price drops from $18 to $16, will total revenue increase or decrease? Why